Millions of Americans enjoy the of excitement dusting off their snowmobiles at the first sign of snowfall. Though insurance coverage for these sleds is not required in all states, it is often mandatory when riding on certain public and private trails. Whether or not it is mandated, insurance coverage is a good idea because it can protect you from financial losses associated with accidents, injuries and properly damage. But what about during the warmer months when your snowmobile is stowed away? Is coverage at this time worthwhile or a waste of money?
While used snowmobiles can typically be purchased for a couple thousand dollars, new sleds can run as high as $15,000. For many, a purchase like this requires financing. As one of the terms of your loan, you may be required to carry full, comprehensive coverage on your snow machine for as long as you are making payments. This includes the months when you cannot ride.
In other cases, some people who have space limitations pay to have their sleds kept in a snowmobile storage facility when not in use. Many of these facilities require owners to carry comprehensive coverage in the event that the vehicles are lost or damaged in any way while in their care.
If you keep your snowmobile stowed away in the back of your garage or in a storage shed on your property during the warmer months, you may be wondering why you should bother covering it. After all, it is not likely that you will be getting into an accident when there is no snow on the ground.
However, consider the following risks:
Still not convinced that a year-round policy is the best way to go? What if you were to find out that doing so could actually end up saving you money?
While it costs more to keep your policy year-round, insurance companies realize that those who live in climates with warm summers will not be spending much, if any, time on their sleds throughout several months of the year. As such, they don't charge significantly more for this additional coverage. The cost savings come into play when you renew your policy. Many insurance companies offer renewal discounts; so the longer you keep your policy active with the same company, the less it will cost you in the long run.
Furthermore, when you keep your policy year-round, you can spread your payments over a longer period and pay lower monthly premiums. While this doesn’t necessarily save you money, it is the same as paying the budget amount on your utilities: It keeps you from facing higher costs in the winter.
Sometimes, looking at the numbers is the best way to understand your cost savings. In that case, it would be a good idea to speak with an independent agent in the Trusted Choice network. These agents can provide you with a number of snowmobile insurance quotes for both full-year and half-year coverage. They can also explain discounts you may be entitled to when you renew a full-year policy. When you look at the numbers and your estimated monthly payments, you are likely to find that a full-year policy really is the best choice.